Approximately US$ 58.3 million (Rs. 477.25 crores) has been approved for 133 incubators under the Startup India Seed Fund Scheme (SISFS)
- Press Information Bureau
- February 6, 2023
Under the Startup India Seed Fund Scheme (SISFS), which is a flagship scheme under the Startup India initiative, about US$ 58.3 million (Rs. 477.25 crores) have been approved to 133 incubators, out of which US$ 25.8 million (Rs. 211.63 crores) has been disbursed as on December 31, 2022, the Minister of State for Commerce and Industry, Mr. Som Prakash underlined.
SISFS, along with other flagship schemes like Fund of Funds for Startups (FFS) and Credit Guarantee Scheme for Startups (CGSS), have been implemented to extend support to the startups at various stages of their business cycle, and thereafter, the startups can raise investments from angel investors or venture capitalists.
The SISFS was approved with a corpus of Rs. 945 crores for four years starting from 2021-22. The Government has constituted an Experts Advisory Committee (EAC) which is responsible for the overall execution and monitoring of the SISFS. The EAC evaluates and selects incubators for the allocation of funds under the scheme, and then the selected incubators shortlist the startups based on certain parameters outlined in scheme guidelines.
The Government with an intent to build a strong ecosystem for nurturing innovation, startups, and encouraging private investments in the startup ecosystem of the country launched the Startup India initiative in January 2016 and various measures also have been taken to enhance the ease of doing business, raising capital, and reducing compliance burden. About 53 regulatory reforms have been undertaken for the start-up ecosystem, which includes reforms by the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Ministry of Corporate Affairs, Ministry of Finance, Ministry of Electronics and Information Technology, and Ministry of Commerce and Industry.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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